Chile’s Peso Slips As The Dollar Regains Control, Stocks Cool After 2025 Surge

Key Points

• A firmer global dollar, not copper, set the tone as USD/CLP rebounded above 900.
• Chile’s stock index cooled in its first 2026 session, with heavyweight retail and lithium names leading declines.
• Flows show foreigners trimming tactically even as longer-horizon allocations remain positive.

Chile’s peso started 2026’s first full week on the back foot as the global dollar regained control. USD/CLP traded near 906.19 in early Monday dealings. The pair rebounded sharply in the previous session.

It opened around 898.75 and climbed to roughly 906.10 by the close. The intraday low was near 896.38. The macro frame is the dollar index. DXY was quoted around 98.6 in early Asia, extending gains into the new year.

A Reuters-quoted strategist at Capital.com, Kyle Rodda, said markets were focused on what U.S. data will signal about the Federal Reserve’s policy path. That focus outweighed a strong copper tape, up about 2.9% on the day—normally a tailwind for the peso.

Chile’s “dólar observado” reference rate was last posted at 907.13 for January 2, essentially in line with traded spot, underscoring a unified currency market rather than a politicized dual-rate system.

That steadiness—orthodox central banking and rule-based markets—remains Chile’s advantage in a region where interventionist rhetoric often spooks capital. Chile’s policy rate is 4.50%.

Equities told a similar story. The S&P IPSA fell 0.50% to 10,428.63 in the first trading session of 2026 (Friday, January 2), with low volumes and regional selling.

Top winners were Entel (+4.15%), Colbun (+2.04%), Cencosud Shopping (+2.02%), IAM (+1.54%) and SMU (+1.37%).

Top losers were Falabella (-3.71%), SQM-B (-2.64%), Parque Arauco (-2.51%), Embotelladora Andina B (-1.54%) and CMPC (-1.34%).

For cross-border appetite, the iShares MSCI Chile ETF (ECH) traded about 543,285 shares versus a 30-day average near 600,182. Flows were negative over one month (-$78.43 million) but positive over three months (+$90.73 million) and one year (+$219.35 million).

Technically, USD/CLP remains heavy: daily RSI sits in the low-40s, while the 4-hour RSI is in the high-40s and MACD is below zero but compressing. Support sits near 900, then 896–897; resistance clusters around 913–915, then 928–930 and roughly 938.

This is part of The Rio Times’ daily coverage of Chilean markets and Latin American financial news.

For context on regional markets, see Brazil’s Ibovespa for the same session.

Also tracking regional peers: Colombia’s COLCAP closed the same session.

Related coverage: Brazil’s Morning Call | Chile Moves First on 2026 Bond Sales, Testing Investor Appet

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error